This all-Canadian will and estate planning site will help you make money, save money, and protect your wealth for your enjoyment and that of your beneficiaries. It will also provide peace of mind by providing you with streetsmart tips, insights, and practical advice. You will find this site contains invaluable information, helpful tips, and guidance on all the key areas of will and estate planning.
This will include special issues such as: charitable giving, trusts, tax planning, legal issues, dealing with US assets, business succession planning, retirement and financial planning, avoiding family conflict, enduring powers of attorney, living wills, insurance, real estate, vacation properties, probate, selecting professional advisors, selecting retirement homes, funeral planning, and much more. By applying informed decision-making, you can make the right decisions that suits your needs, goals and comfort level, and avoid the classic pitfalls. This site was designed for Canadians to provide objective, practical, and helpful information to assist your sound judgment.
The site contains useful checklists, charts, articles, educational resources, books, sources of information and glossary.
The site will be updated on an ongoing basis to keep it fresh and current.
By: DOUGLAS GRAY & JOHN BUDD
TABLE OF CONTENTS
Chapter 1: What is Estate Planning? // 1
Regardless of your age, the issue of estate planning, in conjunction with your will, is an essential element of life planning. However, at different stages of your life, certain issues may arise that require different estate planning strategies.
Chapter 2: [...]
Two out of three adult Canadians do not have a will. Over 50% of them have children. One out of four Canadians will die suddenly. You can’t take the risk that the CRA will end up with more money because of poor tax and estate planning and lack of a will. However, [...]
Testamentary trusts are included in your will to take effect after your death. Common options include the spousal trust, trusts set up for minor children or grandchildren, providing for family members with special needs, discretionary trusts for children who are spendthrifts and gifts for charities. Here are some examples:
The Spousal Trust
In this situation, you set [...]
There are a number of creative ways that you can use a living trust. Common uses would be for a family trust, estate freeze, managing retirement needs, avoiding probate, ensuring confidentiality, and structuring a divorce settlement. Here are some examples.
The Family Trust
A family trust is a very useful device for holding investments or other assets [...]
You have probably heard of family trusts, private trusts, or corporate trusts. You may also have heard of offshore trusts or international trusts. There is a mystique about trusts as well as a lot of confusion about what they are and when they should be considered. Many people think trusts are just for the rich [...]
There are several types of PAs as discussed following.
General Power of Attorney
This document gives authority to someone else to look after all your affairs, generally of a financial nature. You would have the option of giving all the powers right now, but protecting yourself by not giving a copy of the original document to the [...]
What Is a Power of Attorney (PA)?
Many lawyers draft a PA at the same time that they prepare a will. A PA designates a person or a trust company to take over your affairs if, for example, you can no longer handle them because of illness or incapacitation, referred to as an enduring power of [...]
Anticipate Who Might Contest Your Will
Think of who might challenge the content of your will. It would be primarily people who feel that you should have included them but didn’t, or did include them but did not give them much, or you had restrictions on the access to or timing of receipt, or nature of [...]
To reinforce the necessity to obtain a legal consultation before completing or re-doing a will, just look at some of the many reasons legal advice is specifically required because of the complex legal issues and options involved:
you are separated from your spouse but not divorced
you are divorced and want to re-marry
you are divorced and paying [...]
A life annuity provides regular payments that will continue for the rest of your life, no matter how long you live. When you die however, any money left in the annuity goes to the issuer, not your estate. The exception would be if you arrange an annuity which has a guaranteed payment period.
There are various [...]